Prosafe SE - Capital/Financing Update 2020

Prosafe SE: Update on financial situation, process with lenders and merger with Floatel

Prosafe refers to the information on its financial status and process with

lenders that was provided in the Q4 2019 report published on 6 February 2020, as

well as previous update on lender discussions provided on 14 January 2020.

The discussions with its lenders continue and remain constructive. Pending

conclusions, Prosafe has received consent from all lenders to further defer

payments of scheduled instalments and interests under both its USD 288 million

and USD 1,300 million facilities until 31 March 2020. The temporary waivers for

certain other identified defaults in the period have also been similarly

extended. Payment of the final instalment owed and due under the seller credit

to Cosco for the Safe Notos, remains as reported on 14 January 2020 subject to

ongoing discussions with Cosco and the lenders.

The above unanimous deferrals and waivers provide stability for the company,

while it continues to work with the lenders to agree on a long term financial

solution. Pending this, the company continues to operate on a business as usual

basis to protect and create value through challenging market conditions. Further

information will be provided in due course.

Discontinuation of merger with Floatel International

Prosafe and Floatel International have mutually decided to discontinue the

merger process due to financial uncertainty and process risk. The regrettable

conclusion is that any near term completion of a value enhancing merger is

unlikely.

Prosafe is a leading owner and operator of semi-submersible accommodation

vessels. The company is listed on the Oslo Stock Exchange with ticker code PRS.

For more information, please refer to www.prosafe.com (http://www.prosafe.com)

Stavanger, 13 February 2020

Prosafe SE

For further information, please contact:

Jesper K. Andresen, CEO

Phone: +47 51 65 24 30 / +47 907 65 155

Stig Harry Christiansen, Deputy CEO and CFO

Phone: +47 51 64 25 17 / +47 478 07 813

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act

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